$246 million awarded to support small businesses in Pennsylvania
Governor Tom Wolf today announced that Pennsylvania has provided $246.8 million in U.S. bailout funding, through the State’s Small Business Credit Initiative (SSBCI), to local economic development partners to make direct equity investments and small business loans to drive success and job creation opportunities across the Commonwealth.
“The dollars awarded today will help socially and economically disadvantaged small businesses, and those in the innovation and technology sector grow and prosper,” Governor Wolf said. “This funding aligns perfectly with my ongoing commitment to supporting Pennsylvania businesses.”
The Pennsylvania Department of Community and Economic Development (DCED) is responsible for distributing funds to eligible economic development partners who will administer funding to eligible businesses.
The funding has been distributed evenly across the Commonwealth, taking into account the demographics and organizations serving each county to ensure eligible businesses – in all 67 counties of Pennsylvania – will have access to loans or equity investments. .
The Direct Venture Capital Investment Program provides funding to economic development organizations across the Commonwealth to provide seed and start-up capital to existing and emerging companies involved in the development and commercialization of technologically advanced products and processes. Nearly $123 million in direct venture capital investment funding was awarded to the following entities:
- Ben Franklin Technology Partners Central and Northern Pennsylvania – $19,678,479
- Ben Franklin Technology Partners of Northeastern Pennsylvania – $19,678,479
- Ben Franklin Technology Partners of Southeast Pennsylvania – $19,678,479
- Innovation Works, Inc. – $19,678,479
- BioAdvance (Biotechnology Greenhouse Corporation of Southeastern Pennsylvania) – $14,758,859
- Greenhouses LifeX, Inc. – $14,758,859
- Central Pennsylvania Life Sciences Greenhouse – $14,758,859
The Revolving Loan Fund Program provides funds for economic development organizations to establish or recapitalize revolving loan funds to support small business financing in Pennsylvania. Over $123.8 million in revolving loan funds have been awarded to:
- Altoona-Blair County Development Corporation – $4,000,000
- Chester County Economic Development Board – $20,000,000
- Clearfield County Economic Development Corporation (clearly advanced development) – $1,122,500
- Cumberland Region Economic Development Corporation – $211,650
- Westmoreland Economic Growth Connection – $3,500,000
- EDC Financial Corporation – $5,071,000
- Crawford County Economic Advancement Alliance – $1,122,500
- Lawrence County Economic Development Corporation – $1,122,500
- Montgomery County Redevelopment Authority – $2,000,000
- Mon Valley Alliance – $750,000
- NYBDC Local Development Corporation (lawsuit) – $10,200,000
- North East Economic Development Corporation – $5,000,000
- North Central Pennsylvania Regional Planning and Development Commission – $2,040,000
- North End Regional Planning and Development Commission – $1,475,000
- Northwest Commission – $1,020,000
- Pennsylvania CDFI Network – $45,000,000
- Renewable Manufacturing Gateway – $1,020,000
- SEDA – Council of Governments – $6,000,000
- The Progress Fund – $7,140,000
- Women’s Opportunities Resource Center – $1,020,000
- York County Economic Development Corporation – $5,000,000
Capital programs administered by economic development partners are expected to be open by October 17, 2022. Small businesses will apply for funding through their economic development agencies.
Since the beginning of his administration, Governor Wolf has supported small businesses in the Commonwealth. In 2018, the Wolf administration launched the PA Business One Stop Shop which serves as a go-to resource for planning, registering, operating, and growing a small business in Pennsylvania.
Additional support includes:
For more information on SSBCI funding, visit the Department of Community and Economic Development website.
Governor Wolf served two terms as a constantly working leader for the people of Pennsylvania. Learn more about how his Priorities for Pennsylvania fueled the return of the Commonwealth, leaving Pennsylvania in a much better place than when it arrived.